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1 Tropical Dr 8 Unit Apartment Building $3,873,311 CAD ($484,164 CAD/Unit) 4.46% Cap Rate Ocean Ridge, FL 33435
INVESTMENT HIGHLIGHTS
- 1 block to the beach
- Close proximity to restaurants, shopping, and parks.
- 2 miles to I-95
EXECUTIVE SUMMARY
Prime Location: Located one block from the beach in Ocean Ridge, a prestigious and highly desirable area in Florida.
8 units comprised of 3 studios and five 1 bed, 1 bath. All on separate elec. meters. Shared coin laundry. 100% occupied, annual leases. Some rents are lower than market due to the lease length of time.
Investment Potential: Ideal for investors looking for a stable income property with strong appreciation. Outdoor Space: features patios, swimming pool, barbecue, Etc.
Redevelopment Opportunity: Potential for redevelopment into luxury townhomes or condos, given the upscale neighborhood. Community Appeal: Ocean Ridge is known for its community feel, and exclusivity.
8 units comprised of 3 studios and five 1 bed, 1 bath. All on separate elec. meters. Shared coin laundry. 100% occupied, annual leases. Some rents are lower than market due to the lease length of time.
Investment Potential: Ideal for investors looking for a stable income property with strong appreciation. Outdoor Space: features patios, swimming pool, barbecue, Etc.
Redevelopment Opportunity: Potential for redevelopment into luxury townhomes or condos, given the upscale neighborhood. Community Appeal: Ocean Ridge is known for its community feel, and exclusivity.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$255,264
|
$59.60
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$255,264
|
$59.60
|
| Taxes |
$28,823
|
$6.73
|
| Operating Expenses |
$53,589
|
$12.51
|
| Total Expenses |
$82,412
|
$19.24
|
| Net Operating Income |
$172,852
|
$40.36
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $255,264 |
| Annual Per SF | $59.60 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $255,264 |
| Annual Per SF | $59.60 |
| Taxes (CAD) | |
|---|---|
| Annual | $28,823 |
| Annual Per SF | $6.73 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $53,589 |
| Annual Per SF | $12.51 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $82,412 |
| Annual Per SF | $19.24 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $172,852 |
| Annual Per SF | $40.36 |
PROPERTY FACTS
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Ceiling Fans
- Tile Floors
- Kitchen
- Refrigerator
- Oven
- Dining Room
- Garden
- Patio
SITE AMENITIES
- Courtyard
- Fenced Lot
- Laundry Facilities
- Pool
- Gated
- Grill
- Lounge
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 3 | - | - |
| 1+1 | 5 | - | - |
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